High Street
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Can you please advise did any of the banks give 20/25 years interest only mortgages for purchase of houses or BTL properties during the boom years 2005-2010.
Yes they did. Interest only on a tracker rate even. Bank of Scotland and National Irish bank at least. I filled my boots.Can you please advise did any of the banks give 20/25 years interest only mortgages for purchase of houses or BTL properties during the boom years 2005-2010.
PTSB?but bank said
Why did you think you had 25 year interest only? What exactly does your contract state?Did bank ever try to take it off you, I always thought i had 25 year interest only on BTL properties but bank said that principal was to kick in after 7 years, even though not very clear in the contracts
For future reference, you might get better responses if you state up front which bank you are dealing with.ICS mortgage
7X12 = 84. So clearly you’re not 100% correct about it being IO for 25 years when that fact shows the first 7 years are different from the other 18 years.Part 2 of the ICS mortgage loan offer states Type of Loan - Interest Only. NB all correspondence prior to loan offer referred only to - Interest Only, which is what I applied for. There was never any reference to capital repayments kicking in after 7 years.
Part 1 of the MLO states the amount of the mortgage; loan period of 25 years; number of repayments 84 and 216. While I know now that I should have examined this more closely, there is no reference on the MLO to capital repayments